COLOMBO, Aug. 25 (Xinhua) -- The Sri Lankan government is making efforts to facilitate investments in the country, according to businessmen attending a hospitality forum here.
Thilan Wijesinghe, director of Ceylon Tea Trails, which operates boutique hotels, said the new government is aware of red tape problems and trying to speed up approvals of investments.
"There is an acute recognition within the government of procedural delays investors face," he said. "New laws have been mooted and the proposed agency for development will be given power to cut through red tape."
Mohamed Khaleel, chief operating officer of Reollo Investments, quoted in local media, said there is still far too much red tape in Sri Lanka.
"You have a lot of red tape in the country - lengthy procedures to buy land, legal procedures are more complicated than in other countries," he said.
But he noted that conditions are improving and that is why international brands are entering the country.
Sri Lanka's Board of Investments, in a statement last month, said the tourism sector has been experiencing an impressive growth after restoration of peace in the country.
As a result of presence of international brands such as Shangri-La, Sheraton, Marriott and Grand Hyatt, investor confidence has grown immensely, the Board of Investments said.
There are seven new agreements that have been signed to set up hotel projects with an estimated investment of 133 million U.S. dollars and will create 950 direct job opportunities, the board said.
